Every organization needs high potential employees to achieve goals and make profits. And, it’s extremely important that those employees stick to the organization and contribute effectively. Employee retention is one of the most important yet most overlooked aspects in many companies. Research suggests that retaining top talents in your organization could be the key to sales growth, high morale and satisfied customers. On the other hand, loosing important employees leads to reduced productivity and it could also cost the company more than the employee’s salary, in the process of finding a new and good employee. There are a number of factors that lead to employee turnover such as lack of opportunities, ineffective management, lack of appreciation, work pressure and more. This calls for effective employee retention strategies aimed at providing a superior work experience to your employees.
Here are a few effective employee retention strategies that you can adopt in your organization:
- Opportunities for Professional Development
Help your employees grow professionally. Being an employer, you need to provide your employees with the opportunities to learn new skills or upgrade their knowledge. Invest in learning activities and help your employeesto fine tune their skillset. Paying them to attend conferences, offering tuition reimbursement, organizing workshops and creating mentorship programs are just some of the many activities you can arrange for your employees to promote their career growth.
2. Open Communication
Be it any organization, it’s important to develop a culture of open communication where workers can speak out their mind without any fear. Provide them with opportunities to share ideas, express grievances, address conflicts and contribute in the evolution of the organization. The managers must be committed to transparent, respectful and open communication and should also encourage the same among other employees.
3. Assign Meaningful Work
Employees, especially the millennials, are ready to work hard, provided they get something meaningful to do. Evaluate the capabilities of each employee and assign them the work that would significantly contribute to the company’s bottom line. Provide them with varied tasks and encourage innovations and fresh ideas.
4. Communicate Your Expectations
To ensure that your employees perform their tasks with high efficiency, you need to communicate your expectations clearly. Help them understand their duties, company policies and performance metrics that the organization will use to evaluate them. If your employees are not clear about their job responsibilities or company objectives, it could bring them frustrations and, consequently, they would be looking for job opportunities elsewhere. It’s also important to provide regular and constructive feedbacks to help them streamline their work.
5. Appreciate Good Work
Lack of appreciation is a major cause of employee turnover. Every employee wants to feel respected and valued in the organization. Ensure that the management constantly appreciates the good work of the employees and also the effort they put it. Offering bonuses, promotions, raises, gifts, paid time offs and many other ways can be adopted to appreciate their work. You can also start with sending appreciation mails. In case you are not sure what kind of rewards would be motivating for the employees, you can always go ahead and ask them directly.
6. Conduct Stay Interviews
Exit interviews is a common practice in many organizations but a very few know the significance of stay interviews. Stay interview is conducted to figure out the reasons or factors that are making an employee stay in the organization. It helps the employers to identify the policies that are truly contributing to employee retention. And, it also assists in finding out which policies need improvement. It’s important that you encourage your employees to give honest feedback and opinions to make your company policies better.
7. Employee Benefits
Provide good employee benefits like health insurance, sick leaves, retirement saving plans, health check-up packages, vacation time etc. Evaluate the needs of your employees and shape your policies accordingly. Additional benefits like flexible timing, financial incentives, work from home options, fitness coaching and child care can also be provided. Take feedbacks and understand what benefits would truly help them achieve a good and satisfactory work-life balance.
8. Keep the Workload Optimal
Overburdening employees with too much of work would leave them frustrated and dissatisfied, no matter how many benefits you offer. Too much of workload can also make them lose focus which ultimately leads to reduced work efficiency. Encourage your employees to prioritize work-life balance and healthy workload. Managers must ensure that no employee is overburdened. Research suggests that overworking hampers productivity because of more stress.
Employee retention strategies must focus on the ways in which employees can maintain their wellbeing, trace paths for career development and can draw satisfaction from their work. Such strategies not only help in retaining top talents but also help in building a reputation that attracts good candidates. Hardworking and passionate employees always love to work with businesses having positive branding.